Automotive Cybersecurity Market 2023- Size, Share, Trends, Industry Latest News, Analysis 2030
Automotive Cybersecurity Market is expected to grow rapidly at a 17.8% CAGR consequently, it will grow from its existing size of from $4.2 billion in 2023 to $14.3 billion by 2030.
The auto industry is experiencing an evolution through connectivity cars are increasingly incorporating intelligent systems to enhance efficiency and security. However, these innovations can also expose the vehicle to cyber-attacks. These kinds of attacks include unauthorized access to computers onboard to remote hacking of the vehicle aren't only risky but also could compromise the safety of both passengers and drivers. Furthermore, they can cause significant disruptions to the day-to-day life of commuters and drivers.
More sophisticated attacks are focusing on the automotive industry and black hat hackers are becoming more effective than white hat hackers in terms of the number of cyberattacks as per the Upstream 2022 Global Automotive Cybersecurity Report. The time it takes to hack into a vehicle has grown by sixfold since 2010 and the proportion of cyberattacks that occur remotely has risen to 82 percent. This has increased the demand for solutions to protect cars.
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Growth Drivers
Consumers want to remain connected to the world, even when they travel which is why automakers are adding in-car connectivity features like smartphone integration as well as roadside assistance. This technology offers many security vulnerabilities, making the automotive industry an appealing potential target for hackers.
Hackers are able to exploit the in-vehicle security systems to steal personal data as well as gain entry to the car's computer system. They could also make use of the data gathered via V2V (V2V) messages to evade the safety features of a vehicle and then disable the safety features. Additionally, hackers could also make use of V2V signals to steal and track the location of a vehicle.
To guard against these risks the automakers and their suppliers have to devise a comprehensive security plan. This involves making sure that their vehicles are running up-to-date software and implementing strategies to stop the unauthorized access of these devices, and collaborating with other organizations to secure their networks. In addition, they should inform customers about the importance of cybersecurity for cars.
To enhance their security in the automotive sector the organizations require specific intruder detection system (IDS) capable of detecting sophisticated cyberattacks on a massive scale. Traditional IDS, which are built on firewalls or rules-based solutions are not effective in detection of sophisticated car attacks since they are not able to interpret the data of the vehicle network time-series needed to detect an attack. An AI-based solution is essential to detect and stop these attacks.
To deal with the ever-growing threats, companies in the automotive industry need to train their employees in cybersecurity. This will require education in the fields of software and hardware, and equipping them with the tools to assess and reduce cybersecurity risks throughout the lifespan of a vehicle. Additionally, they will need to create an auto-ISAC in order to communicate timely information about new security threats to their colleagues. This will enable them to identify and respond rapidly to reduce the effect of cyberattacks. In addition, they must build an integrated security system that can provide secure connectivity between the various components of the vehicle. It is important to keep in mind that many electronic components are made from multiple vendors making it more difficult of integrating these parts. This is among the main reasons why it is crucial to establish guidelines for cybersecurity in the automotive sector.
Challenges Facing Automotive Cybersecurity
The auto industry is experiencing significant technological changes as it shifts towards autonomous vehicles. As a result, it must upgrade its software and connect to more components. This means that it exposes the vehicle to greater cyber-attacks. The threat could compromise the security and performance that the car has, creating financial losses of significant magnitude.
To mitigate these threats to reduce the risk, the automotive cybersecurity market is working on a variety of advanced technology. This includes encryption and secure boot. These are intended to secure information that is transferred between the vehicle components and stop hackers from taking it and manipulating the data. Furthermore, these technologies make sure that only authentic software is loaded into electronic control unit in a vehicle at start-up, and can detect modifications that are not authorized by the vehicle's system.
The most sophisticated security technologies used that are used in the automotive sector includes using artificial intelligence (AI). AI is capable of analysing and finding patterns and anomalies in the data of cars, which aids in the detection of threats. Furthermore, they are able to provide useful insights and suggestions to mitigate their effects.
One of the major issues that automotive cybersecurity faces is making sure that there are sufficient skilled employees who can handle new security threats. This is due to the fact that employees will be required to learn new techniques and learn new ways of working, specifically during phases of the design, specification integration, testing and specifications. In addition, other departments like purchasing, management of projects and dealerships, must improve their cybersecurity skills.
Other problems facing the industry include phishing attacks and Wi-Fi/Bluetooth security holes and ransomware. Furthermore, a rising threat from cyber-attackers targeting the automotive infotainment system has become a major concern for a lot of consumers. The reason for this is that these systems are incorporating more connectivity technology and come with various features such as the ability to navigate, USB, CarPlay, and SOS functions. These systems are built on a complex program, which makes them susceptible to different kinds of attacks.
Another issue is making sure that there is enough security for physical entry into the car. Hackers can gain access to the vehicle by using its internal communications system, which consists of GPS and mobile technology. Once they have access, they are able to manipulate the sensors of the vehicle to alter its internal functions. The result of this manipulation could be the vehicle's malfunctioning, which could cause serious injuries or even death to passengers.
For the sake of ensuring that systems are secure from such risks, the top automobile manufacturers are working with private and public sector to create new and innovative cybersecurity strategies. For instance, Continental and Argus are working together to integrate Argus's cybersecurity solutions in their connected car electronics. Similar to this, Harman has partnered with IBM to develop its SHIELD platform to protect the company's smart vehicles from hacker. These partnerships are likely to boost the growth in this Automotive Cybersecurity market in the future.
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